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Scenario: You are a member of an audit team assigned to audit a financial institution, such as a bank. The institution has recently undergone significant
Scenario: You are a member of an audit team assigned to audit a financial institution, such as a bank. The institution has recently undergone significant changes, including mergers and acquisitions, regulatory updates, and the implementation of new financial products and services. However, the audit team faces challenges in assessing the effectiveness of internal controls, evaluating the impact of regulatory changes, and ensuring compliance with industry-specific requirements. Question: How can the audit team effectively address the challenges related to the changes in the financial institution, assess internal controls, and ensure compliance with industry-specific requirements
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